Construction Spending in March Increases

The U.S. Census Bureau has announced that total construction spending during the month of March was estimated at a seasonally adjusted annual rate (SAAR) of $1,360.5 billion, 0.9% above the revised February estimate of $1,348.4 billion. The March figure is 4.7% above the March 2019 estimate of $1,299.1 billion. During the first three months of this year, construction spending amounted to $297.0 billion, 6.7% above the $278.5 billion for the same period in 2019. Private construction spending was at a SAAR of $1,012.5 billion, 0.7% above the revised February estimate of $1,005.8 billion. Residential construction was at a seasonally adjusted annual rate of $550.3 billion in March, 2.3% February estimate of $537.7 billion. Nonresidential construction was at a SAAR of $462.3 billion in March, -1.3% below the revised February estimate of $468.2 billion. In March the estimated SAAR of public construction spending was $348.0 billion which is 1.6% above the revised February estimate of $342.6 billion.